As we prepare to celebrate the day our country declared its independence, this is good time to remind people that the SBA has loans to help U.S. citizens operate their own businesses independently.
Last year, the SBA started the Patriot Express program to provide support for veterans. These loans are available to veterans who want to start a small business or keep one going. You are eligible for the Patriot Express program if you are a veteran, service-disabled veteran, an active duty service member, a member of the National Guard, a Reservist. Patriot Express also helps businesses run by the spouses and widows of service members.
Business owners who are veterans have to apply, have a good business plan, and fit the basic qualifications, but these loans are processed fairly quickly. Some loan applications are processed in less than a week, while others may take several weeks.
One of the reasons that banks are so willing to take on these loans is that the SBA is really behind these loans. The SBA will guarantee loans of $150,000 for up to 85 percent of the loan.
Read more about the Patriot Express Loan Program at http://www.sba.gov/
